Category: Trading

ABU DHABI, Dr. Abdulrahman A. Al Hamidy, Director-General and Chairman of the Board of the Arab Monetary Fund, has anticipated that the new working week system in the UAE will help support production levels in the country, driven by a potential increase in aggregate demand that will include a growth in exports, as a result of aligning working days in the UAE with working days with its global trading partners.

In an exclusive statement to Emirates News Agency (WAM), Al Hamidy said the UAE possesses all the capabilities required to develop its labour market and implement the new working system with high efficiency, especially with its advanced digital infrastructure. In 2021, the UAE has achieved a major world-scale milestone coming in tenth in the World Digital Competitiveness Ranking 2021.

He hailed the UAE government’s decision to adopt a new four and a half day working week for all federal government entities, effective from 1st January, 2022.

Al Hamidy explained that this decision reflects the UAE’s strategic status on the global economic map and enhances its economy in light of the latest global developments and trends that aim to increase flexibility and competitiveness of businesses. He also pointed out that many countries across the world are heading towards the implementation of flexible labour market systems that drive productivity and competitiveness.

Source: Emirates News Agency

ABU DHABI, Emirates Global Aluminium (EGA) today announced it has signed a three-year agreement to supply China’s Bosai Minerals Group with bauxite ore from the Republic of Guinea.

Under the agreement, EGA will supply Bosai Minerals Group with several million tonnes of bauxite ore each year, with the first shipment expected in January 2022.

EGA has supplied Bosai Minerals Group over one million tonnes of bauxite in 2021 under short-term agreements. Bauxite is the ore from which aluminium is derived.

EGA’s bauxite mining subsidiary Guinea Alumina Corporation made the company the second-biggest supplier in the world last year of bauxite ore to third-party customers. GAC began production in 2019.

Yuan Zhilun, Chairman of Bosai Minerals Group, said, “We welcome EGA as a long-term supplier of bauxite to Bosai Group, and look forward to the reliable supply of Guinean ore over the years ahead to drive our business.”

For his part, Abdulnasser bin Kalban, Chief Executive Officer of EGA, said, “EGA is now a major player in the merchant bauxite market, and our strategy mirrors our approach for cast metal – consistent high quality, reliably supplied, and with a focus on building mutually-beneficial relationships with our customers. We are delighted that Bosai Minerals Group joins a group of long-term EGA bauxite customers that is geographically-balanced in four key regions.”

EGA invested some $1.4bn in the development of GAC, one of the largest greenfield investments in Guinea in the past 40 years. GAC operates a 690-square kilometre mining concession, located in the northwest of Guinea. Once mined, bauxite is transported to GAC’s port at Kamsar by train using shared rail infrastructure.

EGA operates a transshipment facility in Guinea, enabling its bauxite to be shipped using giant Capesize vessels, lowering shipment costs per tonne.

Source: Emirates News Agency

ABU DHABI, ADNOC Drilling Company PJSC (ADX symbol: ADNOCDRILL / ISIN: AEA007301012), today announced that it has signed a five-year Drilling Services Agreement with ADNOC Onshore for the continued provision of drilling, workover and other well services. The contract will run for up to 5 years, for a total value of US$3.8 billion.

Structured to drive efficiency in work crews, rig move time and maintenance scheduling, the contract benefits both ADNOC Drilling and ADNOC Onshore. It underpins ADNOC Drilling’s unique position as sole drilling services provider to ADNOC and will advance ADNOC Drilling’s ambitious growth and expansion plans.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said, “ADNOC Onshore is a valued and long-standing customer and this contract award further extends a 50-year profitable and unique partnership. I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets. Advanced technologies and digitalisation are at the heart of this agreement, as ADNOC Drilling continues to improve efficiencies, drive further growth opportunities, while minimising our environmental footprint.”

Following its record ADX listing on 3rd October 2021, ADNOC Drilling released its first earnings on 10th November 2021, showing strong and resilient growth for the third quarter and first nine months of the year. The Company’s growth journey includes geographical expansion and further development of ADNOC Drilling’s Oilfield Services offering.

ADNOC Drilling is the only provider of fully Integrated Drilling Services (IDS) in the region and since 2018, the Company has delivered more than $250 million of savings to its customers through the delivery of these wells.

Source: Emirates News Agency

DUBAI, A total of 1,368 delegates from 58 countries – including 250 virtual participants – attended the first edition of the Global Business Forum (GBF) ASEAN in Dubai, which concluded today with a total of 180 bilateral business meetings taking place on the sidelines of the event.

Hamad Buamim, President and CEO of Dubai Chamber, said, “The total number of participants and sessions are strong indicators that the Global Business Forum ASEAN is off to a promising start, and that the grand event has come at the perfect time to provide a needed boost to the economic and trade relations between the UAE and the region.”

“The Forum offered a platform for decision makers from both sides to exchange views and expertise, showcase the most prominent projects, and shed light on potential opportunities for collaboration that set the stage for future partnership agreements and lay the groundwork for a new era,” Buamim added. “Over the course of two days, GBF ASEAN offered a range of scenarios and commentary about current collaboration efforts and trade relations between the GCC and ASEAN, outlining strategic future scenarios that aim to develop an integrated ecosystem that all partners can benefit from.

“We can confidently assert that the inaugural Global Business Forum ASEAN has succeeded in meeting its objectives. Our goal was to introduce the local business community to the vast opportunities that collaboration with ASEAN countries will bring to the table, all the while drawing international participants’ attention to the central role that Dubai plays as a gateway into the GCC and Middle East region.”

Global Business Forum ASEAN was held 8th-9th December and organised by Dubai Chamber in partnership with Expo 2020 Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, under the theme ‘The New Frontiers’. The Forum is part of Dubai Chamber’s flagship Global Business Forum series, which was launched in 2013 to explore economic opportunities in Latin America and Africa.

Source: Emirates News Agency

DUBAI, A national survey presented at Expo 2020 Dubai heralded a post-pandemic optimism of Filipino consumers for the UAE’s sustainable growth trajectory in the next 12 months.

The study conducted by The Filipino Times, the biggest news platform for Filipinos in the Middle East and North African region, focused on several key indicators as a gauge to measure Filipino expatriates’ consumer confidence and covered 2,612 Filipino respondents from across the emirates.

It measured consumer sentiment and purchasing power, and the business outlook of companies catering to or targeting the Filipino consumers in the UAE, which is considered one of the fastest-growing, brand-loyal consumer segments.

Drivers of Optimism

As presented during the Global Business Forum-ASEAN organised by Dubai Chamber at Expo 2020 Dubai, the survey revealed that 96 percent of Filipino expatriates believe the UAE economy is in a stronger position to achieve further progress in 2022 driven by better performance of the private sector since the pandemic.

On the back of the economic impact of Expo 2020 Dubai, strong population growth, double-digit growth of new businesses and the UAE’s leading vaccination rate, 89 percent of Filipino professionals are also upbeat for a salary increase in 2022. A third of them are already earning a monthly salary of over AED10,000.

UAE’s fastest-growing consumer market

This strong optimism amongst Filipinos is reflected in their consumption habits, making them a fast-growing major profitable consumer market.

In an analysis, the survey emphasised the importance of gauging consumer spending, directly linked to a better employment outlook. While spending revives businesses, the recovery of businesses leads to an upbeat job market and more spending.

Filipinos are brand-loyal

Nearly eight out of ten Filipinos revealed that they can pay a higher price to get products they aspire to have from well-known brands.

Of this number, 39 percent are willing to spend on high-end gadgets; 26 percent on culinary experiences; 24 percent on branded clothes, fashion items, and accessories; and 11 percent on cars/vehicles.

The average age of overseas Filipinos is in the “millennial” bracket and stands out for their technology use and embracing of digital life, according to studies.

Dr Karen Remo, CEO and Managing Director of New Perspective Media Group and Publisher of The Filipino Times, said, “As one of the largest expatriate communities in the UAE, the Filipinos have become a major consumer segment for many brands – both local and international – in this country. We have been seeing more brands boosting their strategy in capturing this important target market.”

“The positive sentiment is driving an upbeat business outlook as the growing number of Filipinos, their growing purchasing power and the strengthening of UAE-Philippines ties fuel business expansions from Philippine-based companies, UAE-based Filipino entrepreneurs, and international firms targeting Filipinos,” Dr. Remo added.

Increased purchasing power

As reflected in the survey findings, six out of every ten respondents said they have personally noticed an increase in promotions and marketing campaigns by local and international brands catering specifically to Filipinos.

Vince Ang, Vice President, Brand Engagement at New Perspective Media Group and General Manager, The Filipino Times, said, “This survey shows that companies see the potential of the Filipino market in the UAE as a target consumer group ready to opt for a particular product or service.”

New wave of entrepreneurs

The UAE’s outpouring support for businesses in the region also sparked a new wave of business-minded Filipinos to dive into entrepreneurship, with 94 percent of the respondents saying they have noticed more Filipino-owned businesses in the UAE than five years ago.

Currently, there are 792 Filipino-owned businesses in Dubai alone, according to the Philippines’ Department of Trade and Industry, citing data from Dubai Chamber.

Meanwhile, 98 percent of respondents noted an increase in the number of Filipino brands on the shelves of their preferred supermarkets and grocery chains.

Source: Emirates News Agency